Blockchain Technology Might be Adopted in Every Bank
Says FBI Consultant who was a Forger
Frank Abagnale who is a master in forgery and also has been cast as the real-life character in the “Catch Me If You Can” popular movie while at the Blockchain Nation Miami Conference stated that blockchain technology might be the future secure data settlement and also information processing technology.
“I think you would have to be pretty ignorant not to realize that blockchain is the way for the future, it is the best way to secure information 100 percent, so I think you will see banks, especially accounting practices and accounting firms, all move to the blockchain, keeping records through blockchain. It will be the best way to do so because you cannot break the blockchain, you cannot hack into the blockchain, and you can’t change anything in the blockchain.”
Noteworthy Coming from Abagnale
Abagnale has previously worked as a security consultant during the late stages of his career. When he was between the age of 15 to 21 years, he was recognized as a professional master forger who was involved in the creation of fake cheques and stole large amounts of money.
During the speech, he made a revelation that he had observed various car rental firms and also airlines such as the Heartz and the United Airlines leaving zip-up bags loaded with large sums of money in a specific airport area. Therefore, Abagnale bought a security guard costume and put a sign reading “Out of Service, place deposits with a security guard on duty.” Therefore, he collected millions of dollars with this idea.
All through the forgery career, Abagnale was involved in forging cheques where he would cash out large amounts of money from financial institutions and banks. Therefore, he served a sentence he was subjected to in Miami before he started the consultancy work.
Therefore, while using blockchain technology, the bank fraud carried out by Abagnale can’t be committed. For instance, Bitcoin can be transferred from one person to another or rather a business without the use of the armored cars, the security boxes and also other service providers. It’s not also possible to forge Bitcoin or produce more.
“One would have to be incredibly foolish not to see that [blockchain] is an incredible technology and that will be eventually adopted by all types of governments, businesses, and corporations. A cyber currency [cryptocurrency], just like anything else, it will take time to get people to understand how it works and I tell people all the time, and they say “is it safe?” I say every financial transaction has a risk. The only financial transaction in the world that exists that has no risk is a credit card because federal law takes total liability away from you.”
Blockchain Adoption Curve
Just as Abagnale emphasized, the major cryptocurrencies such as Ethereum and Bitcoin are still in the level of infancy. Ethereum was launched less than three years ago and for the various disruptive technologies to be adopted, this could take like a decade just like the internet case.